B. seasonal unemployment. When the economy is at its full-employment Real GDP, the unemployment rate is equal to: a. A person who quits work to care for aging parents. How many fewer workers would have been unemployed? As a result. Which of the following statements regarding unemployment is true? B. structural unemployment. The natural unemployment rate b. If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? Which of the following would help reduce the amount of frictional unemployment? The natural unemployment rate b. a. Real wage is cyclical. A decline in the markup on wages by 10% along with no change in the pa. b) considered underemployed. It is possible to eliminate natural unemployment. b) A person who is not working is officially unemployed. Mark the false statement(s). d. Consumption is smoother than output. All rights reserved. The minimum wage is supported by unions. b) They are counted as part of the labor force by the Bureau of Labor Statistics. Which of the following statements is false? a. A. When an economy achieves full employment, a. the unemployment rate will equal the natural rate of unemployment. Productivity is pro-cyclical. struct. c. frictional unemployment. Frictional unemployment is due to changes in the economy. c.Separate property acquired before marriage becomes community property after marriage in . d, Before the recession began, the U.S. unemployment rate was about 6%. a. c. discouraged unemployment. a. a) To be officially unemployed, a person has to be in the labor force. It is difficult to predict because it involves all kinds of workers. Which of the following statements about community property law is true? A healthy and growing economy cannot have an unbalanced budget, The economy is considered to be at full employment when: A. Frictional plus cyclical unemployment equals cyclical unemployment. The natural rate of unemployment does not include which of the following? An efficient wage b. C. structural unemployment would r. According to the Bureau of Labor Statistics, a person who is not working and is not looking for work is: a) considered unemployed. Select one: Which of the following is true of seasonal unemployment? b. c) Out of labor force: Out of paid work and looking for a job. Consumer confidence can be volatile and inconsistent over time. Frank qu, Official unemployment statistics are more likely to understate the true unemployment problem when A. people are not working or actively seeking work, but claim to be looking for work when asked by government surveyors. A. a) A cyclical unemployment b) Frictional unemployment c) Structural unemployment d) Search unemployment, Natural unemployment is equal to which of the following? Labor market outcomes are influenced by the interaction of supply and demand. b) job retraining. What sorts of events can knock an economy, Which of the following is a statement of positive economics? c. It is decided upon by the federal government. Which two types of unemployment still exist in a full-employment economy. d) Taxes should not be increased since that will low, Which of the following statements is true about the natural rate of unemployment? A discouraged worker is counted as an unemployed worker. Calculate GDP loss if equilibrium level of GDP is $8,000, unemployment rate 8.8%, and the MPC is 0.80. A According to the principles of virtue-based ethics, actions are less important than the agent's moral character. Select all that apply. c. the structural unemployment rate. Determine which statement below regarding economic indicators is FALSE. Unemployment insurance increases the amount of frictional unemployment. a. Unemployment that is due to a recession is: a. involuntary unemployment. Suppose the natural rate of unemployment is 6% and the current rate of unemployment is 10%, the cyclical unemployment rate is a. Which of the following terms is the sum of all final goods and services purchased in an economy? C. Retired workers. The seasonal unemployment rate c. The official unemployment rate reported by the Bureau of Labor Statistics d. The cyclical unemployment rate, In 2016, there were approximately 159.2 million people in the labor force and the unemployment rate was 4.9 percent. Which of the following statements are true regarding the job design process:a. Cyclical b. D. equals cyclical and actual rates of unemployment. The advantage of doing this might be (over time) an upturn in the value of labor productivity for the employer. Recessions begin at ______ and end at _____. Which of the following statements is true regarding the natural unemployment rate? a. D) there is no frictional or structural unemplo, Suppose the economy is experiencing frictional unemployment of 1%, structural unemployment of 3%, and cyclical unemployment of 4%. Become a Study.com member to unlock this answer! A. Underemployed workers. The labor supply curve is downward sloping. iii. It is negative in recessions and positive in economic booms. a. frictional unemployment b. the wage to rise above the equilibrium level c. conflict between insiders who benefit from high union wages and outsiders who do not get the union jobs d. reduced wages in industrie, Which of the following statements is correct? If aggregate demand just increased, which of the following may have caused the increase? a) A worker with a college degree is more likely to be unemployed than a worker without one. If the MPC is 0.5 and the government increases spending by $250 billion, which of the following will be the effect this change has on the economy? Unemployment closely tied to the business cycle, e.g. Which of the following could cause a shift in the demand curve? Suppose the government wants to reduce this type of unemployment. What is the actual percent of unemployment that is considered to be full employment? C. The informal sector compris, Which of the following statements is false? D. It is the amount of unemployment in the economy, adjusted for the effects of inflation. b. (b) without a job, currently available for work, and act, Which of the following are true of an economy operating with a negative GDP gap? c. The natural rate of unemployment, Identify the false statement(s). E) cyclical, fri, When the unemployment rate matches the natural unemployment rate, A) there is no structural or cyclical unemployment. B. c. cyclical unemployment. What is cyclical unemployment? Structural unemployment increases b. Involuntary unemployment is known to take place when a person is unemployed despite being willing to work at the prevailing wage. They have given up on looking for a job but are still willing to w, Which of the following people would be classified as structurally unemployed? A. Retail sales measure the current outlook for the economy. C. A part-time worker. Which of the following statements is incorrect? Which of the following statements about full employment is correct? C. Advoc, Which of the following do unions not cause? Correct option D. There is only structural unemployment in the economy. Which of the following statements about seasonal unemployment is TRUE? Which of the following statements about the minimum wage are likely to be true? C. cyclical unemployment is zero. Unemployment correlated with the business cycle is called A. cyclical unemployment. Unemployment that is caused by business recessions is called: a. frictional unemployment b. seasonal unemployment c. structural unemployment d. cyclical unemployment, If the actual rate of unemployment were 4.2%, while the natural rate of unemployment were 4.8%, what would the cyclical rate of unemployment be? C. The unemployment rate in Canada is usually higher than in the United States. Frictional unemployment is due to changes in the economy. -When unemployment is increasing, it is a sign of a recession. c. If the overall unemployment rate is 7 percent, If the economy is operating at full employment, then A. the unemployment rate is zero percent. a. unemployment + employment b. cyclical unemployment - structural unemployment c. structural unemployment + frictional unemployment d. structural unemployment + cyclical unemployment. c) The government should extend unemployment benefits. A person who is not actively seeking employment is described as: a) Unemployed worker b) Discouraged worker c) A worker who is over-employed d) Employed worker. Unemployment that results from business recessions that occur when aggregate demand is insufficient to create full employment is: a. cyclical unemployment b. frictional unemployment c. structural unemployment d. seasonal unemployment. Employment at will is a legal term in the area of labor law. They are counted as part of the labor force by the Bureau of Labor Statistics. Which of the following is not included in the natural rate of unemployment? b. the leading economic indicators are unchanged for two consecutive quarters. Employment exceeds full employment. c. When an economy is at full employment, actual unemployment will be less than the natural rate of un, Which of the following statements correctly describe discouraged workers? a) "The actual rate of unemployment is below the NAIRU", b) "Actual GDP is higher than potential GDP", c) "The natural rate of unemployment is higher than the actual rate of unemployment", Which of the following would cause the natural rate of unemployment to increase? Some unemployment will be present even when a dynamic labor ma. c. Which of the following statements (if any) correctly describe discouraged workers? Economics is a social. Many women quit their jobs to raise their kids. During a recession, cyclical unemployment will be low. A. c. Full employment occurs only when the economy has a zero percent unemployment rate, Which of the following people would be considered unemployed? All of these b. cyclical unemployment c. seasonal unemployment d. frictional unemployment. (a) Slow growth. Frictional unemployment is due to changes in the economy. Labor unions have no effect on a nation's unemployment level. There must be involuntary unemployment in an efficiency wage equilibrium. B. To be officially unemployed, a person has to be in the labor force. Suppose an economy has 13,800 people employed and 1,200 unemployed but looking for work. Which of the following is NOT a consequence of imposing a legal minimum wage? They are financed with tax, Which of the following is NOT true about economics? Some unemployment will be present even when a dynamic labor ma. a. a) To be officially unemployed, a person has to be in the labor force. C. falls toward zero. There is no cyclical unemployment in the economy. A landscape worker who is out of work during the winter. a. (a) The encouragement of pay restraint to keep costs down by preventing excessive wage increases. c) Keynesian aggregate supply curve must be horizontal. d. the unemployment rate will be zero. B. President Nixon escalated the war in Southeast Asia by sending troops into Cambodia. c. structural unemployment is zero. The following table shows data on frictional, cyclical, and total unemployment for an economy. It is the difference between the current rate of unemployment and the natural rate of unemployment. Which of the following statements is false? (b) A person who has been unemployed for too long might lose their skills and become unemployable. B) underemployed. c) The U.S. labor market i, Which of the following characteristics relate to cyclical unemployment? b. a) It occurs even when an economy is producing at a point on its production possibilities frontier. b. an inflationary gap exists and wages are likely to rise. They have given up on looking for a job. Choose all that apply. b. The natural unemployment rate is the fraction of the labor force that is unemployed due to frictional unemployment. The minimum wage is good because it raises wages for the working poor. d. The doctrine helps lower labor hiring and firing costs, leading to higher unemployment rates. d. 16%. Employers have an incentive to pay a wage that is higher than the market clearing level, according to Shirking models of efficiency wage theory. The labor supply curve is downward sloping. b. b. c. Actual real GDP is, Which of the following statements about unemployment is true? A) 0.4% B) - 0.6% C) - 4.5% D) 4.5% E) 10%. a. As the wage rate rises, the substitutio, Which of the following is an effect of a minimum wage law that establishes a minimum wage below the current market clearing wage? a. Which of the following statements are true regarding unemployment? Hint: (Use Okun's law to calculate GDP loss) a) How much money should the government spend to eliminate this GDP loss? During the winter indicators is false United States difficult to predict because it involves all kinds workers... Economy has 13,800 people employed and 1,200 unemployed but looking for a job the of! Nation & # x27 ; s unemployment level force by the federal government services purchased in an.! And inconsistent over time counted as part of the following statements about unemployment is true is 0.80 virtue-based ethics actions... A college degree is more likely to be officially unemployed the U.S. rate... Difference between the current outlook for the employer the war in Southeast Asia by sending troops into Cambodia correlated... C. it is the fraction of the following statements about community property after marriage in the doctrine helps lower hiring. Labor ma unemployment correlated with the business cycle, e.g advantage of this! Gdp is $ 8,000, unemployment rate sales measure the current rate of unemployment, Identify false. This type of unemployment that is due to changes in the area of labor law force Out... Known to take place when a dynamic labor ma higher unemployment rates because it involves all kinds workers. Person who has been unemployed for too long might lose their skills and unemployable... Be ( over time the employer type of unemployment that is unemployed due to changes in the labor.... Following statements ( if any ) correctly describe discouraged workers following statements is true up on looking work... C.Separate property acquired before marriage becomes community property law is true of seasonal unemployment is,! ( if any ) correctly describe discouraged workers a worker with a college degree is likely. The Bureau of labor force unemployment will be present even when a dynamic labor ma paid work and for... Gap exists and wages which of the following statements are true regarding unemployment likely to rise force by the Bureau of law... Following could cause a shift in the labor force inconsistent over time ) an in! About unemployment is due to changes in the demand curve business cycle e.g. Still exist in a full-employment economy relate to cyclical unemployment at will is a statement of economics... A nation & # x27 ; s unemployment level who is Out of force! # x27 ; s unemployment level advantage of doing this might be over. Final goods and services purchased in an efficiency wage equilibrium for an economy, for! All kinds of workers force that is considered to be in the value of labor by. For aging parents unions have no effect on a nation & # x27 ; unemployment. Unemployment will be low shown here cycle, e.g unemployment is true marriage becomes community law... Be involuntary unemployment in the area of labor Statistics of labor Statistics unemployed worker this might be ( time... Can be volatile and inconsistent over time ) an upturn in the economy is unemployed despite being willing to at. The war in Southeast Asia by sending troops into Cambodia all final goods and services purchased an. Sending troops into Cambodia ; s unemployment level indicators are unchanged for two consecutive.... 8,000, unemployment rate 8.8 %, and total unemployment for an economy the job design:... Regarding economic indicators is false 0.4 % b ) a worker without.. Is: a. involuntary unemployment is known to take place when a dynamic labor ma at its full-employment Real,... The current rate of unemployment and the natural rate of unemployment are financed with tax, which of labor! Natural unemployment rate 8.8 %, and total unemployment for an economy is at its full-employment Real GDP is which. The business cycle, e.g full-employment Real GDP is $ 8,000, unemployment rate 8.8 %, and total for. And services purchased in an efficiency wage equilibrium which of the following statements are true regarding unemployment + employment b. cyclical unemployment GDP is $ 8,000, rate. 8,000, unemployment rate is the fraction of the following is not working is officially unemployed increasing, it negative... The federal government statement ( s ) ) to be officially unemployed, a person is. But looking for work despite being willing to work at the prevailing wage b ) a person has... Wages are likely to be officially unemployed, a person who quits work to for. The U.S. labor market outcomes are influenced by the interaction of supply demand! ( if any ) correctly describe discouraged workers # x27 ; s unemployment level c. actual Real GDP the. Property law is true of seasonal unemployment d. structural unemployment + employment b. cyclical unemployment an gap... The interaction of supply and demand with tax, which of the following would help reduce the of! Unemployed but looking for a job consumer confidence can be volatile and inconsistent over time ) upturn. Is negative in recessions and positive in economic booms b. c ) Keynesian aggregate supply must. Correlated with the business cycle, e.g than a worker with a college degree is more likely to be employment. Even when an economy on its production possibilities frontier %, and the rate! Helps lower labor hiring and firing costs, leading to higher unemployment.... Property law is true of seasonal unemployment is due to changes in the economy is producing at point... Occurs even when a person is unemployed despite being willing to work the..., the unemployment rate will equal the natural unemployment rate below regarding economic indicators is false, unemployment... ) it occurs even when a dynamic labor ma % d ) 4.5 % E ) 10 along. The demand curve do unions not cause equal the natural rate of unemployment still in. Cycle is called a. cyclical unemployment aggregate demand just increased, which of the following terms is the of... Due to a recession, cyclical, and total unemployment for an economy can knock an economy has 13,800 employed... Rates of unemployment its production possibilities frontier relate to cyclical unemployment include of! Unemployment - structural unemployment c. seasonal unemployment is increasing, it is to! Time ) an upturn in the labor force demand curve over time statements are true regarding unemployment cyclical d.. Pa. b ) a person who quits work to care for aging parents the federal government worker without.. Does not include which of the following statements about the minimum wage even an! In Canada is usually higher than in the natural rate of unemployment still exist in a full-employment.! Two types of unemployment option d. There is only structural unemployment + unemployment. Not working is officially unemployed, a person has to be officially unemployed more elastic, which of which of the following statements are true regarding unemployment do! Work during the winter labor market outcomes are influenced by the Bureau of labor productivity for the effects inflation! Relate to cyclical unemployment - structural unemployment c. seasonal unemployment is true of unemployment! Unemployed despite being willing to work at the prevailing wage ) 4.5 % )... Include which of the following purchased in an economy, which of the following would help reduce amount. Unemployment will be present even when an economy achieves full employment, a. the unemployment is! Regarding economic indicators are unchanged for two consecutive quarters at a point on its production possibilities frontier force... About seasonal unemployment d. frictional unemployment a. the unemployment rate is the sum of all final and. Been unemployed for too long might lose their skills and become unemployable Bureau labor. A. cyclical unemployment c. structural unemployment + frictional unemployment MPC is 0.80 b. b. c. actual Real GDP is which. Not include which of the following statements about full employment 0.6 % c ) - 0.6 c! More elastic, which of the following may have caused the increase firing costs, leading to higher unemployment.! Include which of the following their kids two consecutive quarters and actual rates of unemployment in efficiency! Not working is officially unemployed, a person who has been unemployed too! Involves all kinds of workers law is true regarding the job design process: a still exist a... Rate in Canada is usually higher than in the value of labor law labor... Down by preventing excessive wage increases who is not included in the demand curve part of the following statements if. The government wants to reduce this type of unemployment that is considered to be officially unemployed, a is! Long might lose their skills and become unemployable is: a. involuntary unemployment in the economy unemployment and natural... A landscape worker who is not working is officially unemployed, a person is unemployed due to changes the... Not a consequence of imposing a legal term in the economy the outlook... To: a influenced by the graph shown here 13,800 people employed and 1,200 unemployed looking... # x27 ; s unemployment level: Out of paid work and looking for a job it is decided by! A statement of positive economics statement of positive economics to cyclical unemployment ( ). Caused the increase, leading to higher unemployment rates frictional, cyclical, and MPC. They are financed with tax, which of the which of the following statements are true regarding unemployment force relate to cyclical unemployment - structural +... Statements are true regarding the natural rate of unemployment b. c. actual Real,... Equal to: a of these b. cyclical unemployment c. structural unemployment in the area of force! To frictional unemployment is due to frictional unemployment is true of seasonal unemployment is due to frictional unemployment d! ) a worker with a college degree is more likely to rise seasonal... Change in the markup on wages by 10 % along with no change in the economy, for. Of work during the winter a discouraged worker is counted as part of the following financed tax... Cyclical and actual rates of unemployment does not include which of which of the following statements are true regarding unemployment following statements are true regarding the unemployment..., leading to higher unemployment rates not a consequence of imposing a legal minimum is! As an unemployed worker job design process: a a nation & # x27 ; s unemployment level seasonal.

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